in the trenches by fomo · Transcript ·
how I finally became a profitable trader with @Memati | Ep 95 – Transcript
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Summary
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- Mamady Gassama shares that trying to make it overnight was what he wasted the most amount of time on when he first started trading.
- Mamady Gassama explains that he sets 50% as his red deadline to cut losses when a trade goes down.
- Mamady Gassama advises new traders to get their financial situation in order and have a foundation before attempting to trade.
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What is up, everybody? Welcome to another episode of In the Trenches, presented by FOMO. This is episode number 95. Holy [ __ ] And we are hanging out today with a fellow who was here for episode 1. You were here for episode 1.
You were here for episode 2, 3, 4, 5, 6, 7, 8. Like you have been around. Mamady Gassama, what's up, brother? How are you? >> Thank you so much, bro. I'm stoked tonight to hear that from you. I'm great, man. I'm great. Um the trading's been a hell of a ride. And like you said, I was there day one with nearly no clue at all. Like a little bit of dabbling here and there, but all those streams and keeping up in the Discord, uh networking
with great people, you know, just information back and back and forth with others with other great traders and older traders. It's it's the best you can get for what it's worth. Like you they don't charge you a dime, yet in return you meet a bunch of great people that become almost like family. And in return, you get a bunch of knowledge that you can't even pay for.
>> Man, you have been in the FOMO Discord since day one. You for a good like, I don't know, 5 6 7 months, something like that. You were like probably like one of, if not the most active people in the Discord. You were there every day sharing ideas, struggles, you know, vibing with everybody, being a
positive sounding board, trying to help, answer questions, and trying to help new people learn. And you're new yourself, man. You were figuring it out, too. So like, first and foremost, just like huge props to you for like how much effort you have put into learning the art of trading and how much effort you've put into trying to help other people find their way as well.
Um it's been Yeah, we've had lots of conversations over this past year, just talking about life and talking about the struggles of trading. You've pinged me a bunch with, you know, kind of like being a sounding board for you, and it's just so cool to see you starting to like really get your footing, figure out how this game works. Your P&L is proving that like you're getting it, man. You're
really figuring it out. >> Thank you so much, bro. I'm I'm over here just listening to this all hyped and I have no idea. I have no idea. It's so sick, dude. It's so sick. >> It is. It's a wild ride. >> I remember talking to you about quitting, you know, like >> Yes. Yes, bro. Yes.
>> And this was not that long ago. Like there was >> said everyone goes through that. >> Of course. Yeah, of course. And and many times over. I I I've been there plenty times myself, so I get it. Let's talk though. Let's talk about your trading.
>> it, man. Let's do it, bro. >> When you were first starting out, now now that you've kind of been at this for a little while, looking back when you're first starting out, what do you think you wasted the most amount of time on that you wish you would have skipped?
>> Trying to make it overnight. >> Hm. Say more. >> So, my thought process was I work obviously, and I get paychecks, and obviously I got to stay disciplined on the bills, and I also want to trade, and you know, make it on the trading side and learn it, etc. So, I put aside a little money every every week of my paycheck, and then deposit that into whatever it was I was trading on. Before FOMO, it was Photon. After Photon, it was FOMO, etc.
And it would be small amounts where I would try to turn that 2024 dream into reality in 2026. So, unfortunately, I didn't have the experience. I didn't have the conviction. I didn't have the capital to back that conviction. So, it was constantly just selling good coins for, you know, minimal profits and then selling
uh buying bad coins, etc. It was just a mix of a bunch of bad things happening at once. And then I took a few months uh back to, you know, overthink on what it is I'm doing wrong and, you know, just dabbling what it is I can do better.
And it was for me it ended up being try not to make it overnight. In Instead of trying to make it overnight, it was try not to zero for a long period of time. >> to zero overnight.
>> Yes. Yes. Exactly that. And I realized if I don't zero, my mental is always in like a it's like a smooth sea where I can trade more confidently and my emotions aren't like a, you know, like a wild ocean, I'd say.
>> Got it. Okay, that makes so much sense. In January, you said this was your first cycle, basically. >> You were about to give up before you found FOMO. I'm sure I'm I'm curious, what did that low point look like for you and what really kept you from walking away fully?
>> So, um [clears throat] the trading by yourself in terms of like strictly trading by yourself, not communicating with others, not asking questions to anyone, just either you're copy trading someone, you're watching someone stream cuz you're new and you're copy trading them cuz they're a good trader and you're hoping that, you know, others will buy on top of you and you can make a few bucks off that. Well, unfortunately, you don't really get anywhere doing that, right? But at least it gives you an idea of, you know, win,
lose, win, lose. And when it finally clicks into that you can't keep losing it all over and over and over again, what you start doing is reducing greed, taking profits consistently, 100% making it a rule for myself to take initials at 2x, and if the volume is bad and I'm I feel like I'm going to take a loss. I'll even take my initials at 75 to you know whatever percent. Cuz I don't have that big of a
port to start with, right? If I want to reach the levels of those traders, I got to build the discipline first and then build numbers small little by little and eventually when I reach the area where I think I have enough amounts to let's say I see I spot a good coin very early instead of you know putting $20 down I can grab 1% of it and then you know put a a nice thesis out and you know build that build that intuition little by little.
Go from the little guy that bids 20 $20 to make $20 to the guy that buys 1% of a good coin and rides it to the highs. There's just building that gap in between. >> Yeah, but what so what was the low point though? Like where were you at mentally?
How were you feeling? What were you thinking? When you were kind of thinking about stepping away and maybe quitting trading and what was the thing that got you over the hump? >> There's a lot of I want to say despair on the timeline, bro. Where people have you know people with millions of dollars will talking about will be talking about it's over it's that it's this and it'll affect you as a trader that's trying to be that's on the come up and trying to make a few dollars to even you know think of getting to those levels. So
when when when you're in that mindset and you see these people talking like that you you hit more of a rock bottom. And that rock bottom moment you just try to think of ways to make it. You what I did was personally I I remember telling you this I was like I'm observing the market. I'm not buying anything. I'm not bidding anything. I'm just observing the market seeing how it cuz it moves so fast and your emotions get crushed with it or go up with it. And
for me it was more so whenever I felt like I was going to trade horribly, I'd step away get my mind together and once I have my mind together I'd it dip my toes in the water a little more again once again. And I I I tried not to stain I tried not staying down for the longest. I always tried seeing the light in trading cuz I felt like I have a I have an obsessive personality when it comes to things I like, whether it was, you know, video games growing up, fishing in my
20s or whatever it is, stuff like that. It's just I when I like something I obsess over it and I try not to lose hope cuz I know that obsession's eventually going to lead me to the light. >> Yeah, yeah, yeah, for sure. And I mean, I saw that. I saw that absolutely in you. Like you were never really willing to give up. It's It's interesting that you were able to stay like tapped in, observe the market as you said, but not trade. Was that Was that period like difficult for you to to
not take trades even when you were kind of still watching quite a bit all like watching as if you would be taking trades? >> It's It's mentally very damaging, bro. Even when the market's good or bad, etc., and you're not making money and you're seeing others make money, you you just question your skill and your IQ for a second, respectfully. And but at the same time, you got to compare your situation. Were you at the right place at the right right time in 2024? Did you hit the $100 to million dollar trade
that gave you the capital to move on to '25, '26 with a clear mind and portfolio? Like there's just so many factors that come in and I try not to let any of that affect me. I'm like we're we're in this current time in 2026 in October right now, right this second. What can I do? And try not to look to the past look in the past.
Cuz looking in the past is what holds me back in held me back in trading a lot. Just comparing and looking in the past. >> Were you looking in What exactly were you looking at?
>> I was looking at traders that were I don't I don't mean this in any spoiled or, you know, disrespectful way, but I was looking at traders that hit nice trades in early years when meme coins were more on the come up.
And those traders just buying coins that are that just won't go up. No Nobody will bid those coins in 2026. Like I I'm in the market 24/7. I'm I know that it won't go up for a fact, but I don't I'm not saying I know every coin that goes up. But you just look at traders that make huge amounts in those years, and then you look at the traders they buy today. I'm like, "Well, if I was as tapped in as I am today, maybe if I was
back there in 2024, I could like I could have been a much better trader. I could have done this. I could have done that." But, you know, can't live with that mindset. >> No, no, no. You You definitely can't. And you also can't live with the mindset that it's 2024.
>> Exactly. Exactly. >> I think I do think that there is some of that happening for sure. Traders who are used to the game then trying to play that playing a game that's 2 years old now. It You can't play that game anymore. It's not the same world. Not even remotely.